Latest news

10 days to settle the subsidy from PFR Financial Shield 1.0 – micro enterprises and SME sector

04.05.2021

On 29 April 2020, the Financial Shield from the Polish Development Fund (PFR), later called Financial Shield 1.0., was launched. All entrepreneurs who obtained this subsidy are obliged to settle it after one year. Now, they only have 10 days comply with this requirement.

financial shield pfr micro enterprises sme

Penalties for failure to settle the PFR subsidy on time

From 29 April 2021, the Polish Development Fund (PFR) allows to settle the subsidies. It should be remembered that the date on which the subsidy should be settled was specified in the provisions of the contract concluded with the PFR. According to the contract, a firm that which received subsidy is required to settle it after one year from the date of disbursement of funds. The settlement should be made within 10 business days following the day on which 12 months have elapsed from the payment of the subsidy. Therefore, the date of submitting the application for the subsidy or the date of signing the contract will not be relevant to determine the deadline for settlement. The date of obtaining funds from the subsidy is crucial to determine the deadline.

Firms that received aid during the first days of functioning of the shield must therefore hurry. Failure to settle on time, or even one day of delay, will result in the obligation to return the entire subsidy.

How to settle the subsidy from the Financial Shield?

PFR subsidies will be settled via electronic banking at the same bank where the application for aid was submitted. In the first step, PFR will provide a settlement proposal. The beneficiary of the subsidy is responsible for verifying the data in the proposal, and if necessary, also supplementing or changing it. If there are discrepancies, they must be clarified with the relevant authorities. After verification of the data, the statement must be signed and submitted before the deadline.

As mentioned, failure to settle the subsidy will automatically trigger an obligation to return the entire subsidy. After the settlement, the PFR decision regarding redemption of the part and repayment in instalments of the remaining part of the subsidy should be expected.

Both in the case of the SME sector and micro-enterprises, the subsidies can be cancelled up to 75% of the granted amount.

Grzegorz Witczak

Grzegorz Witczak
Advocate, Director of the Commercial Law and Property Department 
TGC Corporate Lawyers

 

How can we help?

TGC Corporate Lawyers provide support in the settlement process of subsidies from PFR Financial Shield.

Settlement of PFR subsidies – ask for service: contact@tgc.eu

 

See also: PFR 2.0 Financial Shield launched: firms can apply for financial support

Contact

To obtain additional information, please contact us:

Subscribe our newsletter

If you want to be up-to-date, subscribe our newsletter!

WHICH TOPICS ARE YOU INTERESTED IN?

TGC Corporate Lawyers

City Business Center 5 Karadžicova 16
821 08 Bratislava
✆: +421 2 502 033 00

TGC Corporate Lawyers

Masarykova 413/34
602 00 Brno
✆: +420 542 425 824

TGC Corporate Lawyers

ul. Hrubieszowska 2
01-209 Warszawa
✆: +48 22 295 3300

TGC Corporate Lawyers

ul. Strzegomska 142A
54-429 Wrocław
✆: +48 71 733 1300

TGC Corporate Lawyers

ul. Smoleńsk 18/1
31-112 Kraków
✆: +48 12 334 9100

TGC Corporate Lawyers

ul. Nawrot 114
90-029 Łódź
✆: +48 42 671 8560

TGC Corporate Lawyers

U Garáží 1611/1 Praha 7 Holešovice
Prague
✆: +420 221 111 611

Poland, Czech Republic, Slovakia

Offices of TGC

Corporate Lawyers

Choices pertaining to cookies on this website

TGC Ordowska Kancelaria Prawnicza Sp. K. may use the cookies to store login information, collect data for the purposes of optimising website operation, and provide advertisements tailored to your interests. Choose, in the manner described below, whether this website may use functional or advertising cookies.

close This website uses cookies to provide services in line with Cookies policy. You can define terms and conditions of storing or accessing cookies in your browser.